Memorial Resources Development Corp. (MRD) has dropped some of its Rockie assets to an undisclosed company for $13.5 million.
The Houston company said May 6 it sold certain natural gas properties in Colorado and Wyoming. Most of the company's Rockies assets are located in the Tepee Field in Colorado's Piceance Basin, according to its website.
The assets sold had about 6.2 Bcfe, 95% natural gas and 78% proved developed, of estimated total proved reserves as of year-end 2014. A net average of about 2.6 million cubic feet equivalent per day (MMcfe/d) was produced from the properties in the first quarter of 2015.
Proceeds from the sale were used to pay outstanding debt under its revolving credit facility. The facility's borrowing base of $725 million wasn't impacted by the closing of the sale.
The transaction closed on April 17 with an effective date of Feb. 1. Subsequent to the closing of the divestiture, 100% of the company's proved reserves are located in the Terryville Field and North Louisiana.
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